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Home Equity Loans and Lines of Credit

Get the extra money you need

You can use the equity in your home to make home improvements, cover a major purchase or consolidate debt.

Choose your best option

Do you want to pay for a one-time expense, or would you like access to money now and in the future?

Unlock the power of your home's equity to pay for everything from home renovations and vehicle purchases to college expenses and debt consolidation. Plus, the interest on your home equity loan or line of credit may be tax deductible.1

Home equity line of credit

A flexible line of credit with a variable rate that's available when you need it

Looking for an alternative?

If you already have a mortgage, borrowing against your home's equity means that you'll have two mortgages to pay. And depending on your situation, that may make sense for you.

Another option is to refinance your mortgage for more than you currently owe on your home. You'll receive the difference in cash, but only have to make one mortgage payment—so you'll keep more of your money each month.

Still exploring?

To pay for major expenses, you might want to put your home's equity to use with a home equity loan, line of credit or cash-out refinancing.

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Home equity loan

A home equity loan can be a good idea if you have a specific project, know the exact amount you'll need and don't plan to borrow more in the near future. It's a one-time thing.

Keep in mind: You're taking out an installment loan with a fixed rate, term and monthly payment. Closing costs apply, but are typically lower than those of first mortgages.

Home equity line of credit

A home equity line of credit (HELOC) provides ongoing access to funding for a variety of needs. It helps when you don't know the cost of a major project yet or when you'll have multiple expenses over time.

Keep in mind: You're more flexible with this revolving line of credit. It features multiple monthly payment options allowing convenient ways to repay. An option to pay no closing costs is available (however closing costs are typically lower than those of first mortgages). You can use the line of credit for 10 years, followed by a repayment period.

Cash-out refinancing

Cash-out refinancing can provide you with a lump sum of cash and a new mortgage with one affordable monthly payment.

Keep in mind: You'll have just one mortgage—but less home equity than you have now. Compared to a home equity, cash-out refinancing can provide a lower fixed rate. Closing costs are also higher, so you'll need to stay in your home longer to recoup the expense.

Questions to help you decide

How much will you need to borrow?

If you're not sure yet, a HELOC might be the choice for you. If you know this amount, compare the interest, fees and costs on home equity loans and cash-out refinancing.

Do you have more expenses coming?

A HELOC will give you flexibility to meet big-ticket expenses in the future.

How long will you stay in your home?

With cash-out refinancing, you need to stay in your home long enough to recoup closing costs.

1Consult your tax advisor for details. A 1098 will be issued as required by law.

2All BB&T home equity lines of credit are subject to credit approval under the BB&T underwriting guidelines including qualifying lines with certain loan-to-value, debt-to-income, FICO scores and other underwriting criteria. Certain other conditions and restrictions such as repayment selection, lien position, line size, loan-to-value, closing costs and other loan guidelines may apply. This offer is limited to owner-occupied, single-family dwellings and is not valid for rental properties, cooperatives, mobile homes or residential lots. Prime Rate is a variable rate based on the Prime Rate published on the first day of each month in the Eastern Edition of The Wall Street Journal. As of July 1, 2017, the Prime Rate is 4.25%. A Texas resident that has financed or refinanced a homestead or home equity in the previous 12 months may not be eligible for another homestead or home equity loan based on state law. These programs may change or end at any time. Minimum line size associated with this rate is $15,000 and the maximum line size associated with this rate is $1,000,000. To receive the discounted introductory rate the client must take an initial draw at closing from the new line of credit of greater than or equal to $15,000. Initial balances of greater than or equal to $15,000 as well as any other outstanding balances on your new line of credit during the first 12 months after loan closing date will be calculated at the introductory variable rate as low as 2.99% APR, which is 1.25% below the current rate of Prime -0.01% (4.24% APR). After 12 months, your APR will revert to a standard variable APR of Prime Rate -0.01% (currently 4.24% APR) for the remaining life of the line. The maximum rate that can be charged is 18.00% or the maximum permitted by state law, whichever is less. The advertised rate is assuming the client pays all closing costs at the time of loan closing. The advertised rate will vary if the client chooses for BB&T to pay their closing costs, which is an option in some states if the requested loan amount is ≤$500,000. Other fees may be charged at origination, closing or subsequent to closing, ranging from $0 to $10,000, and may vary by state. If you pay off your BB&T Home Equity Line of Credit within 36 months from the date of loan origination, you may be required to remit any closing costs BB&T paid on your behalf. There is a $50 annual fee in AL, FL, GA, IN, KY, NJ and OH. Property insurance, and flood insurance where applicable, may be required.

Loans, lines of credit and credit cards are subject to credit approval.

All BB&T mortgage professionals are registered on the Nationwide Mortgage Licensing System & Registry (NMLS), which promotes uniformity and transparency throughout the residential real estate industry. Search the NMLS Registry.

Branch Banking and Trust Company is a Member FDIC and an Equal Housing Lender.